The Bedford Falls Foundation is a private philanthropic organization based in McLean, Virginia, with offices in Washington, D.C. Founded in 1997 by William E. Conway Jr. (co-founder and co-chairman of The Carlyle Group) and his late wife Joanne Barkett Conway, the foundation takes its name from the town in the classic film "It's a Wonderful Life." The foundation operates as a non-operating private foundation with a relationship-based philanthropy model, emphasizing long-term partnerships with selected institutions.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$176.5M
+85.6% YoY
Annual Giving
$8.0M
-29.1% YoY
Grant Count
16
+14.3% YoY
Avg Grant Size
$497K
-38.0% YoY
Mission & Focus Areas
The Bedford Falls Foundation is committed to removing financial impediments to high-quality nursing education and supporting educational partners in addressing the critical nursing workforce shortage. The foundation also supports health and human services organizations that stabilize at-risk populations by ensuring access to basic needs and providing pathways to sustainable, living-wage employment.
Primary Focus Areas:
Nursing & Nursing Education (primary mission)
- Foster innovation in nursing education that facilitates practice-ready nurses
- Improve retention in the nursing workforce and promote opportunities for re-entry
- Support expansion and retention of nursing faculty and staff
- Remove financial impediments to high-quality nursing education and career advancement
Health & Human Services
- Support pathways for sustainable and fulfilling employment
- Address food and housing insecurity
- Provide healthcare to at-risk populations
- Focus on Washington, D.C. and Nashua, NH area organizations
Secondary Focus Areas:
- Environment
- Animal welfare
- Religion (Christianity and Catholicism)
- Human services and medical care
Grantmaking
The foundation's primary grant program provides multi-year commitments to nursing schools. The foundation has partnered with 33 schools of nursing nationwide, helping to graduate more than 7,000 nurses to date.
Grant Range
** $1,000,000 - $2,600,000 for nursing school grants
Average Grant
Amount:** Varies; median grant reported at $1 million
Review Cycle
.
How to Apply
**
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in the mid-Atlantic and eastern United States, with particular emphasis on:
- District of Columbia
- Virginia
- Maryland
- Pennsylvania
- North Carolina
The foundation also maintains specific focus areas in Washington, D.C. and Nashua, NH for health and human services grantmaking.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Assets & Revenue (2023):
- Total Assets: $95,082,280 - $95.1 million
- Annual Revenue: $63.5 million
- Annual Expenses: $11.7 million
- Total Liabilities: $0
Historical Growth:
- Total assets have grown from $14 million in 2011 to $95.1 million in 2023
- Annual investment in nursing has grown from $5.2 million in 2013 to $59 million in 2025
- Health and human services support has increased from $76,250 in 1997 to $24 million in 2025
Cumulative Impact: Since 1997, the Conways and the Foundation have distributed more than $499 million and committed another $137 million.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $176,505,711 | $95,082,280 | $63,120,055 |
| Revenue | $105,227,907 | $63,470,417 | $7,213,964 |
| Expenses | $8,951,180 | $11,677,120 | $3,935,791 |
| Qualifying Distributions | $8,390,413 | $11,601,700 | $3,829,473 |
| Net Investment Income | $12,820,390 | $9,770,576 | $1,832,406 |
| Distributable Amount | $8,753,630 | $5,123,741 | $3,368,852 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
56 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- William E. Conway Jr. – Founder and Trustee
- Joanne Barkett Conway – Co-founder (late wife of William E. Conway Jr.); listed as Trustee
- Elizabeth Minnigh – Executive Director (part-time, unpaid)
The foundation is governed by 3 officers and trustees. Trustees do not receive compensation for their roles.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| WILLIAM E CONWAY JR | TRUSTEE | 1 | — |
| ELIZABETH MINNIGH | EXECUTIVE DIRECTOR | 20 | — |
Recent News & Activity
Recent developments and announcements
Recent grant announcements include:
**University of Mississippi Medical Center:** $2 million grant
**University of Iowa College of Nursing:** $3 million gift to expand education
$3 million Bedford Falls Foundation\u2013DAF gift expands education ...**University of Kansas School of Nursing:** $1.6 million commitment for scholarships
Bedford Falls Foundation commits $1.6 million to support KU School of Nursing**University of Michigan Nursing:** $2 million grant
**Recent Grantees (Historical):**
Howard University: $512,000
University of North Carolina at Chapel Hill: $500,000
Johns Hopkins University: $250,000
George Washington University: $125,000
UVA Health Foundation: $250,000
National Capital Poison Center: $10,000
Food & Friends: $5,000
Contact Information
Website: https://bedfordfallsfoundation.org
Email: info@bedfordfallsfoundation.org
Mailing Address: Bedford Falls Foundation 1350 Beverly Rd, Ste 115-122 McLean, VA 22101
Phone: (202) 729-5285
Social Media: Instagram @bedfordfallsfoundation
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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